A PPSN that has expired on its face can be lapsed. No review of outside evidence should be required to determine if the PPSN interest and the rights protected by it has expired – it must be clear based on a review of the PPSN itself.
See section 49(6), The Personal Property Security Act
PPSNs registered prior to September 5, 2000 can be lapsed three years and thirty days following registration in land titles provided that no renewals have been registered and also provided that the registration was not a corporate security. A review of the original registration will be required to determine if the document is a corporate security.